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te (Social Security viedica With aing!

te (Social Security viedica With aing!

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 8 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) 7.65% (6.2% + 1.45%) Employee Employer 15.3% Self-Employed (12.4% + 2.9%) Note: For employed wage earners, their Social Security portion is 6.2% on earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Rosa owns a small hair salon, what is her FICA rate? O 7.65% O Her rate is dependent upon her taxable income bracket O 15.3% O 6.2%
Transcribed Image Text:QUESTION 8 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) 7.65% (6.2% + 1.45%) Employee Employer 15.3% Self-Employed (12.4% + 2.9%) Note: For employed wage earners, their Social Security portion is 6.2% on earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Rosa owns a small hair salon, what is her FICA rate? O 7.65% O Her rate is dependent upon her taxable income bracket O 15.3% O 6.2%
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